This week’s FinTech deals predominantly saw mid-to-late stage companies securing funds.
This week saw a total of 28 deals closed, raising $1.39m collectively. The top 10 deals of the week, which came from a mixed bag of sectors, accounted for $544m of this.
The biggest deal of the week came from data security firm Cyera, which raises £100m in Series B funding in a round led by Accel. The firm has positioned itself at the forefront data security in the age of generative AI technologies.
Following closely behind was InsurTech Hagerty with a $105m raise. Recognised as a leading specialty insurance provider for the global automotive enthusiast market, Hagerty secured the capital from existing strategic investors, which include insurance giants such as State Farm, Markel Group, and members of the Hagerty family.
The top ten deals also saw rounds exclusively from Series A, B or C stages, with four being Series C, indicating the confidence of investors in more mature or established companies.
Here are the deals that took place this week.
AI-focused data security firm Cyera bags £100m in Series B funding
Cyera, a data security firm with a heavy focus on AI, has pulled in a substantial £100m funding raise in its recent Series B.
The round was led by Accel, with participation from existing investors Sequoia and Cyberstarts. Redpoint Ventures also joined the funding round, bringing the total investment raised by the company since it emerged from stealth mode in March 2022 to a healthy £160m.
Cyera is a data security firm that is strategically aligning itself with the growing need for robust data security in an age where generative AI technologies like ChatGPT are rapidly being adopted by enterprises. Their focus is on providing the foundational capabilities for these enterprises to maximise the power of their data, while ensuring that user privacy and intellectual property remain protected.
The newly raised funds will be deployed towards accelerating the development of Cyera’s cloud-native operational platform. This enhancement will empower security teams to manage all of their data security incidents, policies, controls, and workflows across their respective data landscapes.
In the previous year, Cyera has made significant strides in the industry, boasting an 800% revenue growth and earning the trust of S&P 500 enterprises. The firm has a clear vision of enabling every business to utilise the full potential of their data using AI, and this massive investment is seen as validation of their path towards achieving this goal.
Hagerty gears up for expansion with $105m capital infusion
Automotive lifestyle brand Hagerty, recognised as a leading specialty insurance provider for the global automotive enthusiast market, has announced a capital raise of $105m.
The funding comes from existing strategic investors, which include insurance giants such as State Farm, Markel Group, and members of the Hagerty family.
The funding comprises $80m of convertible preferred equity, which was finalised on June 23rd, 2023. Additionally, there’s a $25m commitment of long-term debt financing for Hagerty Reinsurance Limited. The newly raised capital will be instrumental in propelling Hagerty’s profitable growth initiatives that are geared towards the car enthusiast community.
Hagerty has made a name for itself as an automotive lifestyle brand that caters to a market of over 67 million self-described car enthusiasts across the US, Canada, and the UK. The company provides specialty vehicle insurance, expert car valuation data and insights, car auction services, events and automotive entertainment.
The recent capital infusion is earmarked for two main objectives: evolving Hagerty’s risk appetite and core product to enhance offerings for current members and attracting new members from the pool of 33 million enthusiast vehicles in the United States. The funds will also facilitate ongoing technology investments aimed at driving operating efficiencies and improving customer-facing interactions.
Capchase delivers $100m funding boost to women and minority-led startups
New York-based Capchase, a foremost provider of financing solutions tailored for Software-as-a-Service (SaaS) companies, announced today a significant milestone in its 2021 initiative dedicated to supplying non-dilutive capital to women and minority-led startups.
Over the last two years, the company has successfully deployed more than $100m to these underfunded groups. Capchase has used its unique AI technology to accelerate the speed at which the funds were disbursed.
The achievement comes at a time when the share of funding for founders identifying as women or people of colour is dishearteningly meagre. The economic slump in 2022, which caused venture investment to plummet by over 50%, only worsened the disparity. In the U.S., only 2% of total venture capital funding during 2022 was allocated to women-founded startups, with minority-founded companies receiving a mere 1.8%. This problem extends beyond the U.S.; in Europe, teams comprised solely of women secured just 1% of total capital in 2022, while minority-founded startups raised 0.7%.
Capchase, the growth ally for ambitious SaaS and similar recurring-revenue companies, aspires to bring future anticipated cash flows to the present, offering funding that is swift, flexible, and doesn’t dilute ownership. Since its establishment in 2020, Capchase has collaborated with more than 4,000 businesses and partners, making $2bn in funding available to the SaaS sector.
The $100m investment aims to address the funding shortfall for underrepresented founders. The plan is driven by Capchase’s data-based approach to providing revenue-based financing, which enables the company to support brilliant women and minority founders without the inherent bias typically found in traditional funding processes.
Cart.com’s valuation soars to $1.2bn after securing $60m Series C funding
Cart.com, a major provider of comprehensive commerce solutions allowing merchants to sell and fulfil everywhere, recently bagged $60m.
The company successfully raised the funding in a Series C equity funding round, reaching a valuation of $1.2bn. This round of funding saw contributions from several investors, including B. Riley Venture Capital, Kingfisher Investment Advisors, Snowflake Ventures, Prosperity7 Ventures, Legacy Knight, along with other strategic corporate and financial investors.
Cart.com delivers top-of-the-line commerce solutions that effectively address the complex challenges associated with inventory, supply chains, and promotions. As multichannel commerce brands and large enterprises grapple with a fiercely competitive macroeconomic environment, Cart.com’s software, services, and fulfilment offerings are proving to be vital tools for success.
The fresh injection of capital will be directed towards meeting the growing demand from enterprise and B2B clients, accelerating the company’s international expansion, and bolstering product development across its extensive software portfolio. A significant portion of the investment will also be allocated towards the expansion of its software and artificial intelligence capabilities to foster better order and inventory control across the commerce value chain.
Cart.com is set to build a next-generation commerce backbone that consolidates enterprise-grade software, expert services, and digitally driven logistics capabilities, enabling merchants to sell and fulfil on every channel. Last year, the company’s software powered over $5bn in gross merchandise value, supported 140 million product listings, facilitated $10tn in product ads and saw 11 billion marketplace repricing events.
Achieve lands $50m investment from Silicon Valley Bank
Silicon Valley Bank (SVB), a renowned division of First Citizens Bank, has granted a $50m warehouse facility to Achieve, a leading digital personal finance entity.
Positioned as an authority in the FinTech landscape, Achieve offers services ranging from personal loans for cash flow and debt assistance, to home equity lines of credit, and a host of educational tools and resources in finance.
The funding facility, a product of SVB’s national FinTech practice, is earmarked to bolster Achieve’s Home Equity Line Of Credit (HELOC) programme. This initiative aims to aid homeowners burdened with unsecured debt to navigate high interest rates by tapping into a portion of their home’s equity, consolidating their debt, lowering payments, and thus enhancing their cash flow.
Launched in 2019, the Achieve Home Loans’ HELOC programme has facilitated an average annual saving of almost $10,000 for borrowers, in contrast to their previous unsecured debt payments.
The newly procured funds are to be directed towards serving more everyday people with Achieve’s unique HELOC program, which seeks to combat the financial challenges posed by high interest rates and inflation. This is achievable by allowing customers to draw from their existing home equity.
Digital asset InsurTech leader OneDegree Group raises $55m in Series B
Hong Kong-based OneDegree Group, a leader in digital asset insurance and generative AI-enabled InsurTech solutions, has successfully garnered a significant amount of funding in their recent investment round.
The FinTech firm has concluded its Series B round, amassing a substantial $55m in investments. This impressive financial injection came in light of the company’s strong revenue growth across all its business units, paired with their ground-breaking forays into digital asset insurance and AI-powered InsurTech solutions.
In essence, OneDegree Group has revolutionised the insurance industry through its cutting-edge technology, cybersecurity expertise, and comprehensive understanding of digital assets. Their direct-to-consumer offerings range from pet and home insurance to medical coverage, each product demonstrating the team’s commitment to customer-centric design. Moreover, their distinct digital asset insurance arm, OneInfinity, has made a significant impact since its launch in 2022, having successfully safeguarded numerous virtual asset exchanges, custodians, and asset managers.
The newly secured funds will serve to propel the company’s global expansion, as well as to diversify its product suite and deepen its market reach for direct-to-consumer insurance products. OneDegree Group will particularly focus on its digital assets insurance and InsurTech solutions.
Moreover, the firm has displayed a steady path to profitability, having achieved robust growth in recurring revenue, decreased customer acquisition costs, and a substantially improved loss ratio. This points to the likelihood of the company reaching profitability by the end of 2024.
Risk and compliance firm Unit21 bags $45m in Tiger Global-led Series C funding round
Unit21, a risk and compliance infrastructure company, has recently announced the successful completion of a $45m series C funding round. The investment round, led by global investment firm Tiger Global and entrepreneur community South Park Commons in 2022, was a significant boost for the organisation.
This impressive funding round was participated in by renowned investors such as Tiger Global and South Park Commons. The proceeds of the round have enabled the accelerated growth of the FinTech Fraud DAO consortium, an initiative which has seen a considerable surge in participation and now oversees more than 10% of adult consumer transactions in the US.
Unit21 operates in the risk and compliance infrastructure domain, with a specific focus on fraud prevention. The company has led a transformation from traditional fraud detection methods to more proactive fraud prevention techniques, in response to the rising cases of financial fraud. According to the Federal Trade Commission, consumer losses due to fraud have spiked from $1.9bn in 2019 to an alarming $8.8bn in 2022.
The newly procured funds will be deployed to fortify the firm’s collaborative strategy aimed at combatting the growing threats of fraud and money laundering. To this end, Unit21 has built a robust risk and compliance infrastructure that equips its partners with effective tools for rapid and efficient detection and halting of fraudulent activities.
Last autumn, Unit21 rolled out the FinTech Fraud DAO. The platform allows FinTech firms to collectively pool and share data to preemptively identify and thwart fraudulent activities. Members of this initiative include companies such as Drivewealth, Uphold, and Gusto, and the platform now monitors over 10% of adult consumer transactions in the US.
Cyware bags £30m in AI-powered cyber fusion expansion
Cyware, a leading entity in the AI-driven Cyber Fusion platforms and automated threat intelligence sharing realm, has secured £30m in a Series C funding round.
The funding round was led by Ten Eleven Ventures, an investment firm with expertise in cyber security. Several existing investors also joined in, including Advent International, Zscaler, Emerald Development Managers, Prelude, the venture division at Mercato Partners, and Great Road Holdings. This funding round coincides with a period of significant growth for Cyware, indicated by impressive market adoption, customer retention, and expansive market access.
Cyware, at its core, operates a cloud-based platform that is extensively used by top Fortune 1000 security teams and MSSPs (Managed Security Service Providers) to transform their traditional SOCs (Security Operation Centres) into Cyber Fusion Centres. The platform utilises AI-powered threat intelligence platform (TIP) with data orchestration and workflow automation (SOAR), enabling correlation of actionable threat intelligence with detection, threat hunting, vulnerability management, and incident response operations.
The company intends to use the new funds to accelerate its growth, focus on its channel business and strategic alliances, and to extend its global footprint.
Additional highlights from Cyware’s journey include achieving a FedRAMP Ready status for its Cyber Fusion platform, being named one of the most innovative and promising cybersecurity companies by JMP Cyber 66, and recognition in the 2022 Deloitte Technology Fast 500 as one of the Fastest Growing Technology Firms in North America.
One Trading springs from Bitpanda Pro rebrand and secures $33m investment
Bitpanda, a European-based FinTech platform, has divided into two separate entities and has raised $33m in funding.
As part of this move, Bitpanda Pro, the firm’s cryptocurrency exchange segment, will rebrand itself as an independent entity now named One Trading.
This ambitious move by One Trading is bolstered by securing $33m in a recent funding round. The investment was led by Peter Thiel’s Valar Ventures, with contributions from MiddleGame Ventures, Speedinvest, Keyrock, and Wintermute Ventures.
Initially established as a cryptocurrency broker and exchange, Bitpanda gradually incorporated other trading features, such as the ability to purchase and sell stocks, ETFs, precious metals, and commodities. As it continued to evolve, Bitpanda began partnering with other FinTech startups, enabling them to offer stock and crypto trading in their applications. Examples of this collaborative approach are Lydia and N26, who selected Bitpanda as their white-label trading partner.
The firm also launched Bitpanda Pro, a crypto exchange service tailored for institutional investors and businesses looking for large order handling or trading through bots and the firm’s API. As part of the recent split, this branch of the business is transforming into the independent entity, One Trading. While the company will continue to offer crypto trading, it will operate as a broker, serving as an intermediary between customers and various markets.
Venn’s remote work security tech fetches $29m Series A
Venn Software, an innovator in Secure BYO-PC technology, has earned a noteworthy patent and secured $29m in Series A funding.
The company, recognised for pioneering the first purpose-built technology for Secure BYO-PC, has been granted an integral patent for making remote work on any computer secure.
This funding round, led by NewSpring Capital, has been revealed to bolster the product development, facilitate growth, and meet customer demand. Venn is the first firm to offer a Mobile Device Management (MDM)-like solution for laptops, traditionally used by companies to safeguard their sensitive data on employees’ personal phones. Now, Venn can secure remote work on a laptop that’s unmanaged or BYOD.
Venn’s product fundamentally simplifies and reduces the cost of securing remote work on personal computers, a task often handled by virtual desktop infrastructure (VDI). Venn’s technology is crafted for the evolving “remote-first” world, offering secure solutions to challenges faced by companies who have a distributed workforce. The solution targets the growing need to safely manage remote work and merges seamlessly with employees’ desire for using a single device for both personal and professional use.
Boost to the financial crime battle as Resistant AI raises $27.6m
Resistant AI, a company leveraging AI and machine learning to secure financial services from financial crime, has declared the expansion of its Series A funding.
This round amasses to a notable $27.6m, with Notion Capital injecting an extra $11m into the venture. This capital injection builds upon the pre-existing funding from notable investors including GV, Index Ventures, Credo Ventures, and Seedcamp.
The raised capital will further bolster Resistant AI’s expansion of its product, team, and geographical presence, in order to meet the surging demand from financial institutions seeking protection from malicious attacks. The company’s solutions, already protecting a slew of banks and FinTech companies, are designed to adapt as the criminals’ methods evolve, thus ensuring a robust shield against fraud.
Resistant AI’s solution portfolio extends across customers like Dun and Bradstreet, Payoneer, Habito, Planet42, and ComplyAdvantage. Their growing team, numbering over 80 individuals, operates out of offices in Prague, London, Brussels, and New York. The firm’s 2022 performance was particularly impressive, with a doubled customer base, 6x increase in ARR, 4x YoY rise in monthly usage and a host of awards under its belt.
Astrix Security garners $25m Series A to enhance non-human identity security
Astrix Security, a trailblazer in non-human identity security, has announced the successful raise of $25m in a Series A funding round.
Founded in Tel Aviv in 2021, the firm is led by two veterans of the Israel Defense Force 8200 military intelligence unit, CEO Alon Jackson and CTO Idan Gour. Astrix has made impressive strides in defending cloud-first companies against a new generation of supply chain attacks.
The company’s Series A funding was led by CRV, with existing investors Bessemer Venture Partners and F2 Venture Capital also participating. This fresh infusion of funds brings the company’s total funding close to $40m.
Astrix Security provides a holistic view of all non-human connections and identities, which includes API keys, OAuth tokens, service accounts, and webhooks, among others. It operates in a growing digital environment that hinges on a vast network of interconnected apps, often seeing an average of 10,000 app-connections for every 1,000 employees. Amid the growing popularity of AI-powered apps, Astrix offers unprecedented capabilities to manage the escalating API-based third-party attack surface across all environments.
The newly acquired funds will be used to further the company’s mission, notably through the expansion of their research team and their U.S. and Tel Aviv offices. This comes on the back of the team’s recent discovery of GhostToken, a critical 0-day vulnerability in the Google Cloud Platform.
Astrix Security’s growth and market influence continue to surge, despite market instability. The company has recently added several notable names to its client roster, including Figma, Priceline, Bloomreach, and Rapyd. They were also recognised as a finalist in the 2023 RSA Innovation Sandbox contest.
InsurTech innovator Federato lands $25m investment led by Caffeinated Capital
Federato, an innovative InsurTech firm, introduced as the insurance industry’s premier RiskOps underwriting platform, disclosed today a successful $25m Series B fundraising round.
This revolutionary platform has carved out a unique position for itself in the insurance sector, making significant strides in applying AI technology to underwriting and portfolio optimisation.
The substantial funding round was spearheaded by Caffeinated Capital, with substantial participation from Emergence Capital and Pear VC. This fresh injection of capital comes hot on the heels of Federato’s Series A announcement, which took place less than a year ago.
In simple terms, Federato operates as a real-time platform for both individual risk underwriting and portfolio optimisation. A crucial element of its functionality lies in the underpinning federated data graph. This technology allows for a single pane of glass view of client information and makes it possible for AI to suggest optimal next steps to users, thus harmonising the art and science of underwriting.
This latest funding will be directed towards continuing the company’s forward momentum, applying AI and Reinforcement Learning to the challenge of portfolio optimisation. Furthermore, this capital boost is expected to help Federato maintain its industry lead in applying a broad array of machine learning techniques to ensure AI continues to impact this significant industry positively.
Since its previous Series A funding round, Federato has seen remarkable growth. It has tripled its customer base, doubled spend within existing customers, and branched out into several new segments across both commercial and personal lines of business.
Paladin Capital boosts Calypso’s generative AI adoption with a $23m investment
CalypsoAI, a prominent leader in AI Security, has proudly announced a significant funding achievement.
The AI security firm has successfully secured $23m in a Series A-1 financing round. This round was led by the reputable Paladin Capital Group, with significant contributions from existing investors including Lockheed Martin Ventures. Moreover, new investors Hakluyt Capital and Expeditions Fund, along with strategic angels such as Auren Hoffman and Anne and Susan Wojcicki, also participated in this round.
CalypsoAI specialises in AI Security (AISec), offering a comprehensive suite of solutions that foster trust and governance for the adoption of AI and machine learning in enterprises and governments. The firm enables organisations to test, validate, and monitor internally developed or third-party AI applications prior to widespread deployment, ensuring operational efficacy and cybersecurity risk prevention.
The freshly raised capital will be channelled into driving product development, notably for the firm’s Large Language Model (LLM) security solutions. The funding will also support talent acquisition and go-to-market investments to meet the escalating demand for solutions that secure and protect organisations utilising LLMs across enterprises.
Metatime raises $25m investment to propel blockchain ecosystem expansion
Metatime, a prominent blockchain technology company, has successfully secured a total investment of $25 million.
The investment is fueling its ambitious plans to revolutionize various sectors, the firm claimed.
Operating at the intersection of blockchain technology, product development, and cryptocurrency, Metatime has established itself as a leading player in the industry with a diverse portfolio of over 70 products. The company’s headquarters are located in Istanbul, Florida, Vilnius, and London.
Metatime has attracted an impressive array of investors, including angel investors and notable entities such as Yildiz Tekno Venture Capital Investment Trust and Yildiz Technical University Technopark. The company has successfully raised $25 million through crowdfunding, pre-sales, and angel investments, with investors from Turkey, Denmark, and Germany showing strong support for its vision.
With a clear vision in mind, Metatime aims to integrate blockchain solutions into various sectors, including energy, tourism, insurance, CRM, advertising, cybersecurity, and virtual reality. By leveraging their expertise and technological capabilities, the company seeks to revolutionize these industries through the deployment of its own blockchain network called MetaChain. Additionally, Metatime plans to list its ecosystem token, Metatime Coin (MTC), on the top-20 leading cryptocurrency exchanges starting from June 2023.
Metatime’s successful funding round will be instrumental in accelerating the development and launch of its innovative solutions. By harnessing the power of blockchain technology, the company aims to create a digital ecosystem that prioritizes people and caters to the needs of its investors. The comprehensive range of solutions offered by Metatime reflects their commitment to bridging the gap between the physical and digital realms, shaping the future of the world.
Mypinpad secures $13m from Crossfin to bolster mobile payment solutions
Mypinpad, the global spearhead in mobile card payments acceptance and identity authentication software solutions, has announced a successful investment round.
Mypinpad has secured an impressive $13m in a funding round led by esteemed FinTech investor, Crossfin Holdings. This strategic investment aims to expand and enhance Mypinpad’s payment and authentication software as a service (SaaS) offerings.
With its innovative solutions, Mypinpad provides mobile card payment acceptance and identity authentication services to businesses worldwide. It is leading the charge in providing secure, simple and protected payment solutions that improve consumer experience and increase sales for businesses.
Mypinpad plans to utilise this new funding to strengthen its global reach, accelerate growth, and potentially diversify into new verticals. The funds will further be used to augment Mypinpad’s suite of mobile payments acceptance and authentication solutions, driving technological advancements and opening avenues into new market segments.
As part of the investment, Mypinpad is set to gain from synergies within Crossfin’s portfolio. Many companies within this portfolio operate in areas closely linked to Mypinpad’s activities, and these partnerships could bring additional benefits.
BeeKeeperAI secures $12.1m to bolster AI on private healthcare data
BeeKeeperAI, a zero-trust, collaboration software firm for developing and deploying AI, has successfully secured $12.1m in Series A funding.
This impressive financing round was led by Sante Ventures, and saw participation from the Icahn School of Medicine at Mount Sinai, AIX Ventures, Continuum Health Ventures, TA Group Holdings, and UCSF. The funds raised are expected to be channelled towards expanding the capabilities of BeeKeeperAI’s EscrowAI platform and broadening the company’s commercial operations.
BeeKeeperAI is at the forefront of tackling issues related to data sovereignty, security, privacy, and intellectual property protection. The company has focused its efforts on enabling organisations to construct software applications that harness the power of AI on privacy protected information. With global cybercrime costs predicted to skyrocket to $10.5tn by 2025, and highly regulated sectors like healthcare being prime targets, the need for zero-trust environments to secure both privacy protected information (PPI) and intellectual property is paramount.
The newly raised funds will be utilised for the expansion of BeeKeeperAI’s EscrowAI platform’s capabilities and to capitalise on the growing demand for zero-trust computing environments that power AI development.
Velo Labs secures $10m
Velo Labs, a financial technology firm utilising blockchain technology to establish a compliance-first financial system, has secured $10m in its latest financing round.
The firm’s mission is to enhance the global movement of assets and promote the mainstream adoption of digital assets.
Velo Labs is creating a unique Web3 financial ecosystem by blending Web 3.0 products with a compliance-friendly approach. This revolutionary ecosystem aims to become the backbone infrastructure for transferring the current global economic activities onto the blockchain. Initial offerings include multi-asset trading on Universe, and the anticipated launch of a crypto payment super-app, Orbit.
The fresh funding will be directed towards Velo Labs’ objective to connect businesses and individuals to a global pool of funds, thus enhancing the velocity of money worldwide. This capital infusion is expected to fast-track the development of innovative core products, alongside auxiliary services, and facilitate expansion of global partnerships.
London-based FinTech Upp. bags £9.1m in seed funding
Upp., a burgeoning technology firm based in London, uses AI and ML to redefine online marketing and sales methods for retailers.
The company recently completed a seed funding round, raising a robust sum of £9.1m. The lead investor in this round was Bonfire Ventures, a California-based venture capital firm.
Upp.’s platform, Upp.AI, is a transformative tool that employs intricate AI and ML algorithms to optimise ad expenditure, enhance product discovery, and bolster eCommerce sales. It serves as a potent tool to revamp Google Ads management and has reportedly assisted retailers in achieving a 52% surge in Google channel sales within the initial year of utilisation.
Established in 2019 by serial tech entrepreneur Ben White and Drew Smith, Upp. is on a mission to address the escalating complexity in today’s online retail landscape that surpasses the capabilities of humans alone. Ben White, the co-founder and chairman of Upp., has a notable entrepreneurial track record, having built and sold MessageLabs, which was acquired by Symantec in 2008 for $800m. Meanwhile, Drew Smith, the co-founder, serves as the lead platform architect of Upp.AI.
The recent funding will propel Upp. to continue assembling its world-class team, expedite the growth of its sales and marketing department, extend its geographical reach, and introduce new automated solutions for retailers.
Cybersecurity startup Nokod Security nets $8m
Nokod Security, a forward-thinking firm specialising in securing low-code/no-code custom applications and Robotic Process Automation (RPA), has entered the spotlight with some exciting news to share.
Nokod Security has successfully raised a substantial $8m seed round. The investors include Acrew Capital, Meron Capital and Flint Capital, renowned for their solid investment history in leading firms across data protection, software verification, and cybersecurity sectors such as Exabeam, Mitiga, Laminar, Socure, and more.
With a unique focus on enhancing the security of in-house low-code/no-code custom applications and RPA, Nokod Security offers a platform that can effectively scan for security and compliance issues, providing a much-needed layer of security in the rapidly growing low-code/no-code domain.
The funds garnered in the recent round will be utilised to expand Nokod Security’s presence into the United States market. In addition, the funds will be funnelled towards growing the R&D teams and supporting innovative research into security vulnerabilities prevalent in the low-code/no-code space.
Bdeo locks in £7.5m to revolutionise InsurTech with AI
Madrid-based InsurTech firm, Bdeo, known for its robust AI applications in the insurance and fleet industries, has successfully secured an additional funding of £7.5m.
This capital infusion is set to bolster Bdeo’s international expansion efforts while also reinforcing its foothold across Europe and Latin America, according to a report from EU Startups.
Bdeo utilises its AI-powered Visual Intelligence technology to remotely assess damages to vehicles and homes, thereby expediting insurance claims and underwriting processes. The firm’s seamless integration into insurer operations coupled with its reliability have contributed significantly to attracting this new round of investment. Bdeo continues to be in tune with the increasingly digital expectations of policyholders by offering an agile, remote, and immediate experience throughout the insurance process.
With the newly secured £7.5m, the company is keen on propelling its Visual Intelligence solutions to accommodate new use cases. In addition, Bdeo will be focusing on broadening its international outreach.
Raincoat harnesses $6.5m to accelerate climate disaster insurance
Raincoat, a firm tackling the challenge of providing swift, scalable climate insurance solutions, has announced an additional seed funding of $6.5m.
The latest financing was spearheaded by TwoSigma Ventures, along with contributions from European VC firm Mundi Ventures, Revolution’s Rise of the Rest Seed Fund, and EleFund.
Raincoat’s modus operandi lies in delivering instantly processed individual claims in the aftermath of various climate disasters. In an era of increasing climate uncertainty, the company positions itself uniquely with a model that emphasises immediate relief and coverage for losses usually overlooked by traditional insurers. Raincoat’s embedded parametric insurance model allows its distribution channels to offer protection against a specified event’s occurrence using fixed parameters, like the event’s magnitude, rather than focusing on the scale of the losses incurred.
The new capital will be channelled towards expanding the company’s reach to new markets, providing quicker and more efficient FEMA-like services following major disasters such as hurricanes, earthquakes, wildfires, floods, droughts, and excessive rainfall. The company has set ambitious targets, aiming to safeguard the interests of 3 billion people and 120 million businesses worldwide that are at risk from the ravages of climate change.
Raincoat, since its inception, has already marked significant achievements. Within less than a year, the company has extended disaster relief protection to thousands of individuals and families, making timely payouts in all of their active markets.
Spain’s FinTech innovator Embat secures €5m
Spanish FinTech firm Embat, a disruptor in the financial planning and treasury management space for businesses, is taking a significant leap forward.
The company, established by former J.P. Morgan executives Antonio Berga and Carlos Serrano, is recognised for its robust platform dedicated to digitising the entire accounting and financial planning procedures for businesses.
Raising a substantial €5m in a funding round, Embat is all set to turbocharge its expansion plans and continuously develop new product features, according to a report from tech.eu. Spearheaded by Samaipata, the funding round witnessed the participation of prominent investors such as 4Founders and Venture Friends.
Embat operates a cutting-edge cloud-based SaaS solution that significantly simplifies the management of high volumes of banking transactions for companies operating in multiple currencies and banking partnerships. The solution enables seamless connection with all of a company’s banks and links with the ERP, ensuring real-time information flow in just a few minutes.
With this new capital infusion, the company intends to take several crucial steps towards achieving its vision. The founders envision Embat as a comprehensive solution that handles all processes related to treasury management, allowing clients to centralise and automate all their operations via Embat’s platform. The ultimate goal is to position Embat as the link between the clients and their financial partners, serving as their trusted FinTech ally.
0pass locks in $3.5m in funding to revolutionise enterprise authentication
Born from the creative minds of Noah Stanford and Michael Melone, 0pass is a start-up that is determined to change the way businesses think about security. Focusing on making it easier for companies to transition from traditional usernames and passwords to more secure biometrics like Touch ID and Face ID, 0pass has already started to make waves in the FinTech industry.
The company recently closed a seed funding round of $3.5m, led by Brett Gibson at Initialized Capital, according to a report from TechCrunch. In addition to the lead, other investors included Y Combinator, Box Group, 645 Ventures, and a selection of individual angel investors, showing a substantial backing from the tech and finance industry.
0pass has a clear mission: to create a passwordless future for enterprises. Its innovative products offer an all-inclusive solution to passwordless login for various systems, encompassing Windows, Linux, Mac, remote access, and websites.
Next-gen corporate banking platform Fennech secures £2.3m
Fennech Financial, the innovative leader in the FinTech sector, has recently announced a successful investment round that brought in £2.3m.
The funding round was spearheaded by Lloyds Banking Group, contributing a significant £2m, and several prominent individual investors.
Specialising in digital corporate banking and treasury, Fennech Financial has demonstrated consistent growth and dedication to delivering unique financial solutions. With this latest round of funding, the company is set to expedite product development, expand its workforce, and further establish its place as a dominant player in the FinTech landscape.
Fennech Financial has developed a cutting-edge corporate banking platform that delivers real-time hyper-automation of finance, treasury, and payment solutions. Utilising advanced technologies such as AI and machine learning within a cloud-based system, Fennech serves as a liaison between businesses and the banking sector.
The autonomous platform provides customers with a unified platform for managing their accounts, payments, funding, and liquidity across various banking partners worldwide, effectively streamlining financial and treasury operations.
In addition to the financial details, the company expressed its gratitude to both new and existing investors for their ongoing support. This recent funding plays a crucial role in driving growth, sparking innovation, and enhancing customer satisfaction.
GenZ-targeted FinTech firm gigaroo secures $2.5m in pre-seed funding
US-based firm gigaroo, which adresses the financial needs of the Gen Z demographic, has announced a significant milestone in its journey.
gigaroo has successfully amassed $2.5m in a pre-seed funding round, boasting participation from a roster of undisclosed investors. The FinTech firm has witnessed substantial traction since its app was launched in the early part of the year, accruing thousands of Generation Z users and working in tandem with numerous service industry clients.
Founded in 2022 by Israeli entrepreneurs Adir Oren and Yair Almagor, gigaroo aims to tackle the unique financial challenges confronting Generation Z. The company’s AI-driven app is a tool of empowerment, connecting users with flexible job options in the service industry that fit with their lifestyle. Offering next-day payments, gigaroo encourages prudent financial planning, catering to both short-term needs and long-term aspirations.
gigaroo’s plans for the newly secured funding are decidedly ambitious. The start-up intends to expand operations into various US cities, such as Austin, Dallas, Miami and Boston. In addition to geographical expansion, the firm also plans to forge partnerships with restaurant point of sale and management systems. By helping businesses fill open positions and retain staff, gigaroo aims to generate a win-win situation. GenZ individuals gain access to financial stability, while businesses can reduce staff turnover, increase profits, and recoup an average of over $200k in annual lost revenue.
Life savings app builder, Freetrade, seals £1.76m Crowdcube fundraise
UK-based FinTech firm, Freetrade, which portrays itself as the creator of a life savings app, has successfully surpassed its Crowdcube funding target.
The firm has raised an impressive £1.76m, significantly more than the £1m target it initially set, according to a report from Crowdfund Insider.
The funding was garnered from 3,194 investors through the firm’s Crowdcube crowdfunding campaign. Since launching in 2019, Freetrade has amassed more than 1.6m registered users and £1.4bn in assets.
Freetrade offers a modern and user-friendly platform that facilitates investing. The firm’s vision is to build an app that sits on the home screen of users’ devices, becoming the central hub for their life savings.
The newly raised funds will be used to expand the company’s customer base within the UK, extend its reach into Europe, and further develop its product offerings. These are groundbreaking products and features designed to enhance user experience and create more value for customers.
Freetrade reported impressive achievements in the first quarter of 2023, including their highest-ever quarterly revenue of £4.7m. The company also celebrated a record £1.4bn in client assets and a surge in new subscribers. Additionally, they highlighted their five-time win of the British Bank Awards and a Which Recommended Provider status.
According to the company, they’ve built a customer-centric subscriptions business, leveraging their proprietary technology stack. Since their last Crowdcube campaign, the firm expanded into Europe through Sweden and launched popular features like Autopilot, proxy voting, and annual subscriptions.
Cybersecurity pioneer Invary attracts $1.85m in pre-seed funding
Invary, a cybersecurity trailblazer centred on identifying concealed malware and stopping expensive ransomware attacks, has successfully amassed pre-seed funding to propel its ground-breaking solution.
The company garnered a total of $1.85m in a pre-seed funding round led by Flyover Capital. NetWork Kansas GROWKS Equity programme and the KU Innovation Park also invested in the firm.
Focusing on the cybersecurity landscape, Invary provides a pioneering service known as Runtime Integrity, intended to discover and neutralise hidden threats that evade modern threat detection systems. Their approach allows organisations to strengthen their security stance and proactively protect their digital space from impactful attacks.
The funding will be used to launch Invary’s flagship Runtime Integrity service, expected to debut this summer. This service promises to empower organisations, enabling them to bolster their security positions and proactively defend their digital environments against high-impact attacks.
Invary’s leadership team, composed of seasoned experts in Trusted Computing research, brings decades of operational expertise to the table. The team is helmed by CEO Jason Rogers, who has extensive experience in building secure cloud-scale platforms and scaling engineering and operations at industry leader Matterport through its IPO. The firm’s security credentials are further enhanced by founder Dr. Perry Alexander, a distinguished authority in Trusted Computing research, and his protege Dr. Wesley Peck, the CTO of Invary.
BonjourCyber secures £1m in funding for cybersecurity services expansion
BonjourCyber, a French cybersecurity start-up tailored to meet the needs of small and medium-sized businesses (SMEs) and mid-sized companies (ETIs), has announced a £1m funding boost.
The financial boost was made possible by Pascal Teurquetil, an independent investor and former CEO of Muller Group, a notable French family industrial firm, according to a report from .
The £1m investment was secured from Pascal Teurquetil, whose rich history as a CEO in the French industrial sector promises not only financial, but strategic support for BonjourCyber.
Established in 2022 by Renaud Granier, Farid Lahlou, and Yann Reperant, BonjourCyber offers bespoke cybersecurity solutions to SMEs and ETIs. The firm leverages the power of advanced technologies to safeguard companies against cyber threats, while also offering advice on data protection and digital security management.
With this fresh injection of capital, BonjourCyber has outlined ambitious plans to bolster its workforce, enhance its service offerings, and pioneer new technological advancements in cybersecurity. The firm has set its sights on becoming a dominant player in the French, and subsequently, European cybersecurity market for SMEs and ETIs by 2025.
Sunrate clinches $56.1tn from Prosperity7 in series D-1 funding to bolster FinTech capabilities
Sunrate, described as an intelligent global payment and treasury management platform, has proudly announced securing a significant investment from Prosperity7 Ventures.
The growth fund, operating under Aramco Ventures, took the lead in Sunrate’s latest D-1 funding round.
The hefty funding, led by Prosperity7 Ventures, saw participation from Softbank Ventures Asia in the form of a subsequent investment. This capital injection boosts Sunrate’s positioning within the thriving B2B cross-border payments sector, which, as per FXC Intelligence, is projected to amount to a whopping $56.1tn by 2030.
Sunrate operates as an intelligent global payment and treasury management platform. Since its inception in 2016, it has become an influential player in the world of business payments, facilitating transactions for businesses on a global scale. With its cutting-edge proprietary platform, comprehensive global network, and robust APIs, Sunrate operates in over 150 countries and regions. The FinTech firm holds partnerships with top-tier financial institutions like Citibank, Standard Chartered, and Barclays. It’s also the principal member of both Mastercard and Visa.
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